NZD/CHF Down 2 Pips On Hourly Chart; Evening Star Pattern Appearing on Chart

Hourly Update

(Last Updated November 10, 2022 1:52 GMT)

At the time of this writing, NZDCHF’s rate is down -2 pips (-0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

NZDCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDCHF entered today at 0.5786904, down 82 pips (1.4%) from the day prior. Out of the 39 instruments in the Forex asset class, NZDCHF ended up ranking 37th for the day in terms of price change. Below is a price chart of NZDCHF.

NZDCHF

NZDCHF Technical Analysis

The first thing we should note is that NZDCHF is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 32.3 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 7 out of the past 10 days. And for candlestick traders, a special treat: there is a evening star pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCHF; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

NZDCHF has formed a clear double top on daily tf, this is a clear indication that the market is selling. I expect the NZDCHF to sell .